Solana (SOL) Forecasted To Hit $235: Here’s When

Solana (SOL) has started 2024 with a bang, surging over 300% year-to-date as its price breaks out to new highs. Leading crypto analyst Crypto Capital Venture points towards Solana’s rally as a potential precursor to further altcoin runs if Bitcoin enters an extended consolidation phase in the near term.

As the key to overall market sentiment, Bitcoin typically guides each market cycle, with altcoins following the leader. However, Solana’s current breakout mimics price action from last October, when SOL ignited a massive uptrend even as Bitcoin traded sideways for weeks.

Fast forward to today, and history looks poised to repeat itself. Bitcoin has powered to its highest levels but now shows signs of cooling off as short-term indicators reflect overextension. Meanwhile, Solana continues trending upward while riding positive momentum.

Also read: Ethereum (ETH) To Climb Above $4,000 This Weekend?

Can Solana hit $235?

Bullish technicals also back Solana’s upside outlook. SOL just broke out of a rising wedge pattern on its daily chart, suggesting a move towards $235 constitutes the next primary target. Additionally, the wider bull market remains in its early innings, with SOL’s weekly relative strength index (RSI) still far from peak 2021 mania levels.

Beyond Bitcoin, Crypto Capital Venture explains how cryptocurrencies appear to be taking turns in powering the market – pointing to bullish reversals for Cardano and Ethereum as well.

Also read: Top 5 Cryptocurrencies That Can Hit New ATH’s This Month

This cycle rotation effect means Solana likely still has room left to run before exhaustion kicks in. And with Cardano and Ethereum flashing signs of a resurgence, SOL may have kicked off a new altcoin rally.

Of course, analysts warn investors not to get complacent despite the euphoria. With SOL flashing both weekly and daily overbought signals, sharp downswings remain probable even amidst upside momentum. But for opportunistic traders, identifying and riding market leadership offers a proven recipe for amplifying gains.